Zilingo cofounder Ankiti Bose files Rs 820 crore defamation suit against investor Mahesh Murthy

Murthy was a managing partner at early-stage venture capital firm Seedfund which has backed the likes of redbus, Chumbak and others.

As per the Bombay High Court website, Bose filed a suit on April 20, 2023, through law firm Singhania & Co LLP and has also named a media company Outlook Business as a respondent party in the case.

According to the filings made at the Bombay High Court, Bose is asking for a ‘permanent injunction’ to be passed, ‘restraining Murthy from publishing any content (on social media or otherwise) which is defamatory against her.

When contacted, Pradeep Jain, partner at law firm Singhania & Co LLP confirmed the development but refused to divulge any details since the matter is subjudice.

According to Bose, Murthy’s latest piece in Outlook Business published on March 1 is “discriminatory and defamatory’.

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The article, ‘From Vulture Capital to Victim Capital: Mahesh Murthy’s Perspective on VCs in India’, comprises a “litany of lies, distortions, and venomous claims,” according to Bose.In his editorial, Murthy also names startups including Zilingo, Trell, BharatPe and GoMechanic which have been in the news for alleged fraud since last year, and talks about the backstory of “how founders have turned tables on Indian venture capitalists.”

While Murthy does not exactly name Bose in the article, he has made references including “one lady” who “ran a popular fashion portal and took Sequoia’s money” which Bose believes is far too specific about her.

“Murthy’s piece is a continuation of the three-year long vendetta against me. This malicious media campaign launched against me has harmed my reputation, caused significant financial losses, and is entirely based on fiction, with not a shred of evidence against me,” said Bose in a statement when ET reached out.

Bose and Zilingo have been in the eye of the storm last year, since alleged financial discrepancies in its accounting were discovered during a due diligence process for a new funding round, ET reported last year.

“I have always believed that having the privilege of a public platform should come with a sense of responsibility and probity. Murthy’s ‘opinion’ piece only goes to reinforce the sexist attitudes and gossipy innuendo that hold back more women founders from achieving their true potential.”

Messages and emailed queries sent to Murthy and Outlook Publishing India CEO did not elicit a response.

The fashion-tech startup suspended former chief executive Bose, and eventually terminated her services in May last year, following which she told ET in an interview that she “was not given the chance to answer any of the allegations leveled against her”.

In June 2022, Bose resigned from directorships at holding company Zilingo Pte Ltd as well as its subsidiaries.

Earlier in January, this year, ET reported that Zilingo has sold off its technology assets and acquired entity Ncinga Innovations to Zurich-based ecommerce management software provider Buyogo AG.

It had appointed EY Corporate Services Pte as provisional liquidator and approved the process of its liquidation.